JPMorgan Chase is the clear frontrunner in banking’s quantum computing revolution, significantly outpacing rivals in research, hiring, and real-world applications, according to Evident, a benchmarking platform that tracks the sector’s quantum activity.
Evident’s study reveals that 80% of major banks are now engaging with quantum technology, with McKinsey predicting that quantum computing in finance could generate $622 billion in value by 2035. The report assessed banks based on quantum hiring, patents, research, and investments.
JPMorgan dominates the landscape, accounting for two-thirds of all quantum job postings and more than half of all research papers in the sector. The bank has already implemented quantum-inspired algorithms in portfolio optimization and cybersecurity, showcasing its commitment to early adoption.
European banks are also making strides, with HSBC leveraging quantum key distribution (QKD) for FX trading and tokenized gold, while Intesa Sanpaolo is exploring quantum applications in credit scoring, fraud detection, and derivative pricing.
Unlike AI, which enhances banking across multiple areas, quantum computing will completely transform specific financial use cases, says Evident co-CEO Alexandra Mousavizadeh. She highlights that quantum will revolutionize portfolio optimization, credit risk assessment, and fraud detection far beyond what’s possible with classical computing.
Since August 2024, the number of quantum professionals in banking has risen by 10%, and research papers from bank-affiliated experts have garnered over 3,000 citations.
While full-scale deployment is still years away, banks that fail to prepare risk falling behind in both security and innovation, warns Mousavizadeh. The race is on to secure a competitive edge at the intersection of AI and quantum computing.